It All Adds Up For Cashplus: Six Years Of Profitability for Fintech's Star Player

LONDON, July 13, 2017 /PRNewswire/ --

With London Fintech Week 2017 showcasing the exceptional talent and innovation within the City, one of the founders of Fintech, Cashplus (through its parent company Advanced Payment Solutions Ltd) has announced a 6th consecutive year of profitable growth. With a 28% uplift in revenues and 36% increase in profit, the company has reported £5.6 million EBITDA profit for the year ended March 2017.

   
    Year ended 31 March - GBPm's   2012  2013  2014  2015  2016  2017
    Revenue                         9.2  13.0  16.3  20.6  25.3  32.3
    EBITDA profit                   0.5   1.3   2.7   3.0   4.1   5.6

With turnover increasing threefold in the past six years, the latest set of full year results to year ended March 2017 demonstrate how Cashplus is one of the few fintech businesses with fully developed payments and technology expertise. Cashplus consistently demonstrates it is ahead of the fintech curve, not only in generating healthy profits in an emerging industry, but earlier this year, the company announced the launch of its API, well ahead of the PSD2 deadline.

Set up over a decade ago to break down inherent barriers in banking, Cashplus provides simple, secure, straightforward and efficient services to customers who continue to be overlooked by the high street banks- Cashplus has now attracted over 1.6 million UK customers to its accounts.  

The company continues to see a huge demand for its services with a 93% year-on-year growth in demand for capital from SME businesses alone since October 2015^[1] .

With London regarded as a world-renowned fintech hub, CEO Rich Wagner continues to leverage his position as Chairman of the Emerging Payments Association to support government promises to make the banking sector more competitive. This includes lobbying for non-banks to gain access to traditional payments infrastructure including the Faster Payments Scheme.

Says Rich, "We pride ourselves on leading the field in fintech capabilities, and as a pathfinder in the sector, the Cashplus proposition remains simple: 'speed and ease of use for customers'. We anticipate that Cashplus, particularly in the SME space, with our customer-centric approach will see further growth in the coming 12 months."

Advanced Payment Solutions Ltd (APS), trading under the name "APS financial", is a data-driven digital banking services pioneer, which aims to transform the UK's banking sector and be the first-choice digital challenger to banks for SME and consumer customers. Recently nominated as a finalist for Best Business Account for 2017 by Business Moneyfacts Awards, over the last 10 years, APS has developed a wide range of digital banking products including Cashplus. Through its proprietary technologies, award winning products and superior in-house data analytics, APS is able to offer nearly a million customers fast, simple and intelligent banking solutions to efficiently manage their finances and business cash flow.

Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). A subsidiary of APS, APS Financial Ltd ("AFL") is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).

AFL was the first non-bank issuer to gain Mastercard membership and is a member of both the Electronic Money and Emerging Payments Associations.

For more information, interviews, photography or further commentary please contact Niki Wheeler, +44-20-7758-3900 or [email protected]

^[] Source: Advanced Payment Solutions 2016

SOURCE Cashplus